The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Indian Institute of Management (IIM) Bill, 2017, under which the IIMs would be declared as Institutions of National Importance which will enable them to grant degrees to their students.

The Bill also provides for complete autonomy to the institutions, combined with adequate accountability.

Management of these institutions would be Board driven, with the chairperson and director of an institution who will be selected by the Board, an official statement said.

A greater participation of experts and alumni in the Board is amongst other important features of the Bill. Provision has also been made for the inclusion of women and members of Scheduled Castes/Tribes in the Board.

The Bill also provides for periodic review of the performance of institutions by independent agencies and placing the results of the same in public domain.